Merchant Investment Management LLC, a private investment partnership in New York City, today announced it has acquired a minority stake in Axiom Financial Strategies Group, a New Albany, Ind.-based boutique wealth planning firm managing $450 million in client assets.
Financial details of the transaction were not disclosed.
Axiom's 10-member practice includes chief executive Vaughan Scott, company president Mike Grau, and certified financial planners Michelle Konkle, Timothy Volk and Sarah Black. The firm serves business owners, entrepreneurs and families.
“We sought a true partner who could work alongside us as we take our client experience to the next level, and Merchant does just that,” Scott said in a news release.
Through Merchant’s minority equity investment, Axiom can enhance and improve the client experience and financial planning process to meet the changing needs of their clients, according to the news release. Axiom will also leverage the partnership with Merchant to accelerate the evolution of its wealth planning process and help the firm attract new talent.
“This injection of durable capital will preserve Axiom’s independence and allow its innovative and unique solutions to take root,” Tim Bello, managing partner at Merchant, said in the news release.
This is Merchant’s second minority investment this year. The first involved a stake in Signet Financial Management, an independent financial advisory firm with $850 million in assets under management. Merchant has 26 wealth management partners nationwide, and five additional service partners.
Axiom’s partnership with Merchant comes on the heels of its decision to choose First Clearing for custodial services, making them part of a 12-firm cohort in First Clearing’s flagship effort to extend their service offering to independent registered investment advisors.
First Clearing is a trade name used by Wells Fargo Clearing Services LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Co.